Drills have finally begun turning at the flagship Alicia Project in the Philippines for Monterey Minerals (CSE: MREY). The company announced this morning that it has seen drilling commence as part of an initial 3,000 metre program.
The initial program will focus on the Pamaraw, Baloy, Sandi and Quintilla veins at the Alicia Project, which are the four main veins contained within the over ten kilometres of strike on the property. Drilling will be conducted to a depth of approximately 300 metres as the company looks to discover the source of the veins found at surface, while testing the premise that the veins merge at depth.
The Pamaraw-Sumilhif area will first be targeted as a result of the prior operator conducting poor drilling on the vein, which was spaced too close to the vein and were too shallow to properly represent the area. The previously poor data collected will look to be replaced, with Monterey’s review of the geology in the area suggesting that the base of mineralization at this location is deeper than what has been previously drilled.
Baloy will also be a significant target for the program, based on past exploration working having shown strong results. Past channel sampling and shallow drilling on the Baloy Vein has returned positive assays, including:
- 1.2m of 116 g/t Au, 1,263 g/t Ag, 6.3% Cu, 6.5% Zn, and 47.9% Pb;
- 1.5m of 40.9 g/t Au, 437 g/t Ag, 1.1% Cu, 3.6% Zn, and 62.9% Pb; and
- a channel sample that returned 1,299.9 g/t Au and 332.6 g/t Ag
“We look forward to putting our exploration theories to the test with our drilling program. Our view is that some of the veins previously identified could merge at depth and generate a larger, higher grade system. We will continue to update the market throughout the fourth quarter of this year with results.”James Macintosh, President and CEO
Monterey Minerals last traded at $0.06 on the CSE.
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